The National Coal Board
The coal mines were nationalised because the miners were no longer prepared to work for the private coal-owners. Various reasons could be found to account for the nationalisation of the mines, but it was the miners’ attitude that was fundamental. It was also argued that the industry was technologically backward and that only state ownership would guarantee the right amount of investment but that argument presupposed that in the interwar years the capital market was wrong in directing investment away from the coal industry despite its obvious unprofitability.
KeywordsCollective Bargaining Industrial Relation Coal Industry Marginal Cost Price Labour Theory
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